The power of social media in business

Hey, last time, we spoke about the power of social media. About how it has an immediacy and an urgency that simply can’t be matched by the mainstream media. And I promised you a piece on social media in business. Well, here we are.

Maybe the power of social media in business is best illustrated by the story of Uber. 

James Bond

Gareth Camp had grown tired of the unreliable San Francisco taxi service. But, inspired by a scene that tracked cars in James Bond’s Casino Royale, he decided to form a taxi-ride business allowing people to book using their phone. 

Uber’s co-founder Travis Kalanick didn’t fancy running the company himself, so he tweeted out for a manager. Ryan Graves responded. With Uber now a multi-billion company, Graves’ Kequity has given him a worth of $1.4 billion.

That’s the power of a tweet. But how else has social media changed business? Well, with 4.2 billion active users across the globe, social media has allowed businesses to evolve globally – almost instantly.

Brand awareness 

Brand awareness? Platforms such as Facebook, Instagram and Twitter are a natural place to find highly targeted potential customers. 

Did you know that 83% of Instagram users say they discover new products on the platform? Welcome to the world of the Instagram influencer. That’s someone with many followers and high engagement rates. Their authenticity can persuade others to buy new products. 

How else can social media help your company evolve? In business, nothing beats a one-on-one connection. You can do that on social media: introduce your company personnel to your followers and establish your brand as a thought leader.

Actionable insights

There’s nowhere better to do that than on LinkedIn, especially the LinkedIn Publishing Platform. Post daily to your followers, offer them real value, give them actionable insights, and you’ll be top of mind when they need someone with your skill set.

Nobody knows that better than Hootsuite chairman and co-founder Ryan Holmes, who has more than 1.7 million followers. Holmes shares regular insights about social media and entrepreneurship.

Web traffic

Social media can also help grow your web traffic. Share your new content from your blog or website on your social channels and you’ll attract new readers instantly. 

But how did this shift from physical business model to digital come about? What drove it?

For years, businesses did just fine with a per-unit pricing model and a physical product that they distributed through traditional retail channels. 

But then the Internet started to take off and people became aware of the huge potential of digital technologies to design customer touchpoints and track behaviour and engagement.

Interactions

Suddenly, companies could understand what drove engagement and they enhanced customer interactions with digital tools that create real value. Today, we have highly intelligent algorithms and digital toolboxes that are growing more advanced by the day.

Let’s consider the online gaming sensation, Fortnite. The game’s original cost was relatively high, but most of the revenue comes through V-bucks, the in-game currency. This enables players to customise their avatars through new skins, dances, and more.

400% sales increase

But there’s evidence everywhere of how much more successful social-media marketing is than going the traditional route.

According to Screwpile Communications, 78% of salespeople using social media perform better than those who don’t. The Sales Benchmark Index tells us that 98% of salespeople with 5000+ LinkedIn connections meet or surpass their targets. And when IBM introduced a social selling program, its sales shot up by 400%.  

Now compare all those figures with the 2.5% success rate of cold calling that Keller Research Center reports

Inbound vs outbound

Truth is, the Internet has changed forever the way business operates. Once upon a time, selling and marketing was an outbound proposition. Cold-calling, leafleting. You incurred expenses with no guarantee of a return.

Then along came the Internet and inbound marketing was born. Customers looked for your service, when they needed it. Even better, they were happy to give you their details. 

Suddenly, you could not only sell to people who were keen to buy but also track their consumer behaviour and give them more of what they want.

What’s not to love?

If you need help with your social-media strategies, get in touch with Hashtag Media Marketing today.